How Much Do Couples Spend On Their Wedding Rings, and Is It Necessary?

Ever made the "mistake" of asking a person what their dream wedding is like? Surely, there would be an endless list of items.

Proposals, engagements, and weddings are occasions a lot of people dream about years before they come up. People already have the picture of the kinds of proposals and weddings they want years before these days come up. Interestingly, the kind of weddings certain people want is a big motivation to become successful. Intriguing right? One of the very important aspects of planning for weddings is the kind of rings to be used. There is a common rule made by DeBeers, a leading diamond company which states that you need to spend two months' salary on an engagement ring. The truth is, as funny as this may seem, a bunch of people uphold this rule and save their salaries for two months to get rings. The fact is a wedding ring is not an investment neither is it a necessity. The last thing you want is to start your marriage with debt because of a "rule" established by a diamond company that only wants to make more money.

This article helps to shed light on how people spend on their wedding rings and whether it is a necessity or not.

Why Do People Spend So Much On Wedding Rings?

The reasons why people spend so much on wedding rings are not farfetched; as stated earlier in this article, weddings are occasion's people dream about way before they come up. People imagine what they will wear, where the wedding will be, the kind of setting it will display, where they will have their honeymoon, and a long list of other things. People see weddings as a great opportunity to create an impression and outdo themselves, even if it's just once in life. While the excitement, the desire, and expectations are understandable it is important to not throw caution to the wind.

There is no problem if you can afford your dream wedding and everything it entails; however, if not, there is no crime in being modest. Couples do not have to overstretch just because they want to make an impression. In the end, it is not the amount spent on a wedding that sustains the marriage, but the individuals involved.

As per Sharif Khan from Petra Gems, while couples most probably spend a sizeable amount on their wedding rings, it is important that they spend the money on a diamond that will maintain some value in the long term. He suggests buying high quality and well-cut diamonds with AGS or GIA certification as well as to compare prices online before deciding.

How Much Should You Spend On A Wedding Ring?

A study shows that the average couple spent $3,756 on a wedding ring, and $7,829 in 2018. The Knot 2020 Jewelry and Engagement Study revealed that the average cost of a ring is currently $5,500. While there are statistics to show how much people spend on a ring, it is not a case of "one size fits all."

The "rule" that two months of salary have to go into getting rings is nothing more than a strategy to make money off people. No one should be pressured into doing more than their capabilities. Spending a fortune on rings is highly reckless for a person who can't afford them and even a little reckless for those who can. The couple agrees on the price of rings to get. Make a budget and let it be based on mutual understanding and not what society or a diamond company expects. After all, the wedding primarily involves you two and no one else.

What to Consider In Going for Wedding Rings

Some important factors need to be considered when going for wedding rings so that the couple does not end up making wrong decisions in a bid to satisfy expectations. These factors include:

• The budget: Carefully consider what your budget is and work with it. Be disciplined and stick to it so other things do not suffer. Then plan accordingly and be intentional about how much to save towards the ring. You may also want to consider comparing natural diamonds with lab grown diamonds.
• Can you afford it? Honestly ask yourself this question and answer it. If not, it is advisable to go for what you can afford. There is absolutely no reason to run into debt because of a wedding ring.
• Go for a Purposeful ring, not necessarily one that breaks the bank: This is pretty important. People tend to get carried away by the price of rings and forget the meaning and thoughtfulness behind them. Of course, sacrifices need to be made to show love and commitment, but not at the expense of your financial status.
• Finally, make an informed decision. Education yourself about the value and prices of diamonds and how you might be able to get a good quality stone without breaking the bank by buying a SI1 quality stone with G-J color range diamonds.

How much should a wedding ring cost? The simple answer is what you think it should cost and what you can afford without running into trouble.